Tenancy in common is co-ownership in which each party holds a distinct, possibly unequal interest with no right of survivorship, freely transferable or inheritable.

Eminent domain is the government’s power to take private property for public use in exchange for just compensation, sometimes called condemnation.

A contract is a legally binding agreement that sets out the terms of a deal, whether a purchase, a sale, or a lease. To hold up, it needs…

The statute of limitations sets the maximum time to start legal proceedings after a claim arises, varying by jurisdiction and claim type.

A power of attorney (POA) grants one party authority to act for another in legal, financial, or real estate matters, often used at closing.

A valid contract is fully enforceable because it meets all legal requirements: offer, acceptance, consideration, mutual assent, legal purpose, and capacity.

Irrevocable describes an action or agreement that cannot be canceled or undone once made, such as an irrevocable letter of credit.

A tort is a civil wrong other than breach of contract that causes harm and creates legal liability, such as negligence or nuisance.

A contingency is a condition that must be met for a transaction to proceed, such as financing, inspection, or due diligence contingencies.

A violation is a breach of laws, codes, regulations, or lease terms, such as building code or zoning violations found during inspection.